I got an audit for EHT while I was selling my place. Kind of stressful at the time but just submitting what they're asking for it's not that hard at all

Out of curiosity, what did you receive for 5 year fixed?

Also working with TD on a mortgage and got offered 2.07% fixed and 1.28% variable.

Also got 1.2% from TD. Didn't ask what the fixed option was, the spread is too big to bother IMO even with the impending inflation risk.

EHT is different than future capital gains tax. obviously for EHT you just have to prove someone lives there, and having active utilities and internet with use will prove that.

But for Capital gains you have to prove that YOU live there, not just some random person.

A lot end up here.

https://nexthome.ca/

Property Type House
Style of House 2 Storey
Bedrooms 3
Bathrooms 3
Listing Date 2021-Sep-29
Sold Date 2021-Oct-04
Sale Reported Date 2021-Oct-15
Days on Market 5
Sold Price $2,466,000
Asking Price (Final) $2,499,000
Asking Price (Original) $2,499,000
Size of House 1,759 sqft
Price per SqFt $1,402
Basement Crawl
Lot Size 0.05 ac
2,250 sqft
Lot Frontage 25 ft
Lot Depth/Size 90 ft
Age of House New
Property Taxes $7,520.28 (2021)

1183 Lakewood (right in between Via Tevere and Columbus Meat Market).

House sure looks nice but this is a crazy selling price for less than 1800sf on a tiny lot.

Versus:

Property Type House
Style of House 2 Storey w/Bsmt.
Bedrooms 7
Bathrooms 7
Listing Date 2021-Sep-02
Sold Date 2021-Oct-11
Sale Reported Date 2021-Oct-20
Days on Market 39
Sold Price $2,925,000
Asking Price (Final) $2,988,000
Asking Price (Original) $2,988,000
Size of House 3,378 sqft
Price per SqFt $866
Basement Fully Finished, Separate Entry
Lot Size 0.09 ac
3,904 sqft
Lot Frontage 32 ft
Lot Depth/Size 122 ft
Age of House 3 years old
Property Taxes $6,803.51 (2021)

126 E 52nd Avenue.

damn.... 2.5 for those Lakewood places eh.. my wife's grandma lives a few houses down.. I know them well

Personally I find that area wayyy more appealing in almost all aspects over the E 52nd one, but yea those are tiny lots

yeah that Lakewood area is real nice - reasonable amount of amenities, very walkable, low traffic. It's got a nice lived in feel but man, that price for a tiny lot is nuts. Bet the garage is so narrow that it's not really usable.

Can confirm. First home I recently bought is a cardboard box :woot2:

Ok it's not that bad, I would say it's at least 2 cardboard boxes :lol

Two cardboard boxes with one bathroom. :fullofwin:

I definitely paid a premium to my unit but i'm glad I got a 2 bedroom in a newer concrete tower in White Rock for <525k to be able to save a bit more on the PTT.

1brs/studio units around the area (albeit with better views) are selling now for more than what I paid.

CIBC says that down payments gifted by parents average 340K in Vancouver:

https://www.ctvnews.ca/business/pare...port-1.5637498

Gee... that is barely enough for 1/2 of the requisite 30% down on a typical Vancouver single detached home... :pokerface:

Lots of that "gift" usually come from borrowed money, from helocs so it's basically free money from capital appreciation.

:awwyeah: sweet sweet capital appreciation

My parents gift was 15k

:derp:

That 340k would have been 90% of my purchase price on my condo 5 years ago lol

The amount is jarring, yes, but the notion that parents need to help their kids seems to have finally gained mainstream acceptance over the past couple of years.

The reality is that immigrants have long been doing this, which explains why median household incomes aren't really a good metric for determining affordability.

Asians have been doing this forever, it's in the culture. Unless you're white no Asian family is gonna kick you out at 18 :lawl:

The lucky ones have presales bought and paid for when they hit 20s.

Sorry but I'm not gifting my kid money for a place. He can stay at home as long as he wants and I'll help him with a car for getting to and from school and I'll help with his University as much as I can.

I think that's pretty fair, you want a place you either move somewhere cheaper or wait till me and your mom die and you can do whatever you want with the money/property you get.

Speaking on extended family, my mom is sick right now, part of me is wondering if I shouldn't have sold my last place because it was better setup if I wanted to bring them here to live with me, no room in my current house. Sucks when your parents get old, even worse when their halfway across the Country.

My parents gifted me zero. 3 apartments, 3 down payments/closing all on my own. Except for the current place as my wife did help out. My ex-gf however, parents gifted her older brother $600K for a SFH. His house was 1.2 back then (2011) around Main and 42nd. Gifted her $250K for her own apartment (2012) around main and 33rd. I think her place was $400K.

Edit. This was all cash not heloc. Her dad owned a popular chinese restaurant here and her mom's family in HK had a chain of arcade playdiums. Not rich by any means but money was never an issue. Meanwhile I'm chinese and my family like most in East Van (like east east/ Van Tech area) usually had some sort of money struggle

For my kids, I feel like it's my duty to provide housing for them. It's next to impossible in Vancouver, but i'm still going to try.

I'm selfish in the sense that I do not want my children to move away from us. If I get them housing here, that pretty much secures they'll stay in BC.

I couldn't imagine moving away from my parents.. I hope my children feel the same when they grow older.

My goal is to get two condos. One for each kid... then I can enjoy my life.

I've gotten to the point in life to where I'm really thinking what the purpose of life is. Is it really to grind your ass 24/7 to pay off a mortgage til your like 55-60 and then what? Moving away from parents made me think, what the hell are my parents going to be doing with a house with two people living (it gets lonely and quiet). Some may say they can downsize and take the money to do things (they don't like spending money, super simple life). The parents house eventually one day will be passed down to me, I have put some thought into consolidating and getting aa more bigger house and live together with parents. I can see them, they can take care of my kids when I have kids, I can go buy the Porsche LOL, life is good LMAO.

Id say 80% of my friends were eager to get away from their parents, including myself
Maybe this is a rare scenario

Buying them a place to live, is just that. They rent it out, and move to x global location

If you want your kids to stay around and be more active in your life, then you need to make sure you end up on their good side. Neutral doesnt cut it

A lot of those that get away typically don't have a great relationship with their parents. "Independency or getting away, should that cost $1 Million LOL". By time you pay that shit off, you're old and didn't get to really enjoy life at all as all we did was grind to pay off the place. I get there are pros and cons and there's never a fit for all. Just some thoughts I've been thinking as my parents get older.

Good on you to think that. I and also my brother have ran that idea past our parents but I have absolutely no patience with my parents and can see myself killing either me or them or both. lol.

I was gonna say the same about relationships with the parents, as I don't have a good one with mine. I think most of our immigrant parents when they came here, all they did was work their ass off to pay for the mortgage/rent/food on the table. They never did get to enjoy life and also grinded their whole lives but that was all just so their kids IE us can have a good life and not have to grind like they did.